If you’re like most Americans nearing retirement age, the future does not look promising. Millions of us who expected to enjoy our “golden years” in security are staring down the barrel of a financial gun. But, if you thought it was just the average working stiff that would never be able to retire, you’re wrong. When the rich are postponing retirement — it’s worse than we thought.

Postponing retirement — it’s worse than we thought

According to a recent survey conducted by Bank of America’s Merrill Edge:

Even with investment accounts having recovered much of their lost ground, so-called “mass affluent” people with between $50,000 and $250,000 to invest don’t think they have enough to retire when they had originally planned to. Of those surveyed, 56% said that they expect to retire later now than they thought a year ago, with only 7% expecting to retire earlier. That’s a big shift even from a couple of years ago, when only 42% were revising their retirement age upward.

And we all share many of the same concerns.

The things that wealthier Americans are worrying about mirror the concerns of the overall population. Affordable health care remains the primary concern, as costs continue to move higher. With other surveys estimating that the typical retiree will spend $240,000 on health care over the course of his or her retirement for out-of-pocket costs, that concern is quite justified. Few have the financial resources necessary to fund potential health care needs as well as other basic necessities, let alone the lifestyle they’d prefer to lead after they leave their careers for good.

Is it hopeless? I don’t think so, but it will take a lot of work — and a shift in our expectations — if we want to enjoy retirement.

From a personal finance standpoint, the good news is that Americans of means aren’t content to sit idly by and hope for the best. Rather, they’re taking steps to boost their personal accountability by managing their investments more actively.

Don’t sit idly by and hope for the best. Take steps to boost your personal accountability and manage your investments more actively. We may have to postpone retirement — but it doesn’t have to be worse than we thought!